BTC has reclaimed $66,000, with the biggest catalyst for the rebound being breakthrough progress on the CLARITY Act. The market is now repricing expectations for the implementation of U.S. cryptocurrency regulatory frameworks; once the bill is ultimately passed, it will further reduce regulatory uncertainty for institutional entry into the crypto market—a development with greater long-term significance than short-term capital inflows. Changes in capital flows are already validating this logic: U.S. spot Bitcoin ETFs recorded a net inflow of $227 million in a single day, while spot Ethereum ETFs resumed net inflows. Meanwhile, BTC’s MVRV percentile has dropped to approximately 5%, indicating that on-chain valuations have returned to historically low levels, enhancing its long-term allocation value—though this does not imply that short-term risks have disappeared. On-chain capital flows remain mixed: some users withdrew 7,000 ETH to continue staking, while a BTC whale holding coins for 12 years chose to cash out the final portion of their position. This suggests the current market is not a uniformly bullish trend, but rather one driven by policy expectations, with new capital absorbing long-term profit-taking positions. The market’s key variables going forward are two-fold: first, whether the CLARITY Act can successfully complete legislative passage; and second, whether tensions between the U.S. and Iran escalate further. Trump is expected to decide within the coming days whether to expand military action against Iran; if Middle East conflict fully escalates, oil prices, inflation, and liquidity expectations could once again become dominant market themes, impacting global risk assets—including cryptocurrencies. bitcoin:native